Money and Finance - Experts and Resources

Networking For Business Success

3 Post-Divorce Tips

Posted to by Ja-Nae Duane on Fri, 03/05/2010 - 2:42pm

When a woman comes out of something like divorce, her entire world changes. That is why it is imperative to have a supportive community to help you along the way. This advice is especially true for recently divorced entrepreneurs.

Can you imagine trying to rebuild your life as you build your business? Well, what a better time to reach out to those within your circle! Here is how you can do just that:

1. Create a list of the people within your inner business circle (sometimes different from your personal circle). Then make a list of friends and colleagues who are not on that inner circle list, but you still feel comfortable reaching out to.

2. Make a list of your wants and needs. This list could have anything from babysitting to new clients. It doesn't matter if the list includes a haircut, office supplies, networking opportunities or a car. Find out what it is that you now need to continue your journey to success.

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A Crash Course on Handling Your Money

Posted to by Stacy Francis on Thu, 02/25/2010 - 11:02am

Volumes have been written on how to handle your finances. We are going to try and cover it all, so fasten your seatbelts.

Set priorities

Sit down with a cup of tea and think about what it is that you want in life. Do you want to send your children to Harvard? Retire at 45? Travel the world? Open your own business? Write down all of the ideas that pop into your mind. Once you have these ideas down, prioritize them from the most important to the least important.

Track your spending

At the end of the month, do you find yourself wondering where all your money went? For a month, track every penny you spend (even the $1.00 you spend getting a drink from the soda machine) in a spending diary. At the end of the month, sort what you spent into topics like dining out, groceries, clothing, grooming, etc.

Create a budget

Review your spending diary and the amount of money you have coming in each month. Does your spending align with your priorities and values? Create a workable monthly budget that reflects your priorities and values. Your expenses should be less than your income.

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How The Court Determines Your Child Support

Posted to by Craig Hyldahl on Wed, 02/17/2010 - 8:02am

In general, state law determines child support guidelines. After the gross income of both parents is totaled, certain deductions are allowed from each parent's income, (such as local income taxes already paid and child support paid to other children). Keep in mind that any court-ordered spousal support is included in the gross income of the recipient spouse, and is deductible from the gross income of the payor spouse.

Once the adjusted gross income of each parent has been totaled, these figures are applied to a chart which outlines the approximate support required to raise a child based on stated income levels. The court then requires each parent to pay his/her pro rata share of that charted amount.

For example, if the mother is earning $90,000 and the father is earning $60,000, the combined total is $150,000. If the charted amount states that $10,000 of child support is required each year, the father would be required to pay $4,000 of the $10,000 because he provides 40% of combined spousal income. Furthermore, the mother would be required to pay $6,000 because she contributes 60% of combined spousal income.

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Should You Keep A Secret Separate Bank Account While Married?

Debbie Does Divorce with Craig Hyldahl

Posted to by Debbie Nigro on Thu, 02/11/2010 - 7:45pm

When you marry or move in with someone, it's important to decide how you and your new partner will handle your finances as a couple, as it will only protect your own financial health should the relationship unfortunately not work out and lead to divorce or separation.

The practice of setting up joint and separate bank accounts is becoming more and more common for married couples, so it should not be a discussion to shy away from with your partner or be one to be ashamed of.

Watch above and find out more from financial expert, Craig Hyldahl, as he answers the question "should you keep a secret stash of cash while married?"

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How Credit Counseling Works

Posted to by Sanyika Callowa... on Fri, 01/29/2010 - 8:58pm

If you are downing in debt and the thought of filing bankruptcy doesn't work for you, consider working with a credit counseling service to help you get your financial life back on track.

While a credit counseling service will not eliminate your previous credit history nor offer you a debt repayment loan they will support you in providing:

• An evaluation of your personal financial situation

• A discussion of alternatives to bankruptcy, and

• A personal money/credit management plan

A typical counseling session will last about an hour and can take place in person, on the phone, or online. The National Foundation for Credit Counseling and Consumer Credit Counseling Services both offer counseling services free of charge for those consumers who cannot afford to pay. Otherwise, you may be charged a fee for the counseling, which will generally be about $50, depending on where you live and the types of services you receive.

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Five Ways to Eat Out and Not Break the Piggy Bank

Posted to by Manisha Thakor on Sun, 12/27/2009 - 9:32am

Feel like you're losing your grip on those financial purse strings? (Especially if you've just heard that credit card companies are charging an extra ten cents a gallon at the pump!) Even cereal is higher at the grocery store, as is milk. Everything for the kids is going up, up, up!

But listen. There are still ways you can go out with friends, shop for groceries, make more money, save money as a family project, and plug your financial leaks.

First, let's deal with eating out.

You need adult time, if for no other reason than to have another grown up to bounce kid questions off of.

And if you're hoping to meet a guy, youíre not going to find him in your closet.

Going out doesn't have to take your budget into the red zone.

Here are five ways to eat out without breaking into the kids' piggy bank.

Share an entrée or make a meal out of appetizers

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3 Strategies To Avoid Holiday Overspending

Posted to by Maryann Kelly on Fri, 12/18/2009 - 9:08am

Overspending, overeating and overdoing during the holidays is a problem for everyone — divorced or not. But for those of us living on one salary and supporting children, watching our spending is all the more crucial. Combine it with melancholy, guilt and people-pleasing, and you have a recipe for credit card overload.

Starting off the new year with a massive credit card bill is a downer, so let's discuss three steps you can take to avoid overspending.

1. Give Homemade Gifts: Try giving homemade gifts. Take a Saturday to make jam or cookies and wrap them in a pretty box or gift bag and you're set. There are also excellent banana breads that can be wrapped nicely.

If you're not "crafty" then invite a friend to do it with you; you provide the baked cookies and she can provide the pretty packaging. Pick a Sunday night and deliver the bagged cookies the next day at the office or drop by your friends' houses on the way to work.

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